Wu & Chang May Leave Bitmain's Leading Positions

Wu and Zhang own 21% and 37% of the company's shares, they will have the right to vote on strategic issues
11 January 2019   346

The founders of the Chinese mining company Bitmain Jihan Wu and Zhan Ketuan will leave their leadership positions, but will still be able to make important strategic decisions. It is reported by the South China Morning Post, citing informed sources.

According to the publication, the leaders of Bitmain disagreed on the future vector of the company's development in a falling cryptographic market.

It is not yet known when the company will appoint a new CEO, however, the main contender for this position is Bitmain's director of design, Haichao Wang. But since Wu and Zhang own 21% and 37% of the company's shares, they will have the right to vote on strategic issues.

Information about the upcoming staff lay offs at Bitmain appeared in December. It has been reported that a third of the more than 3,000 employees will leave the company.

Similar rumors about the departure of Wu from the company's board of directors were exaggerated by the press in mid-November 2018. This allegedly was connected with an unofficial confrontation with Zhang. However, then the official representatives of Bitmain denied this information.

SBI Holdings to Start Mining Chips Manufacturing

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States
22 March 2019   114

The Japanese financial conglomerate SBI Holdings announced the creation of a new enterprise that will focus on the production of chips and cryptocurrency mining systems.

The message on the company's website says that SBI Mining Chip Co. (SBIMC) is part of SBI Holdings digital asset strategy.

The new enterprise will work in partnership with an unnamed major semiconductor manufacturer from the United States, and a former head of Chip Estimate and WearSens Adam Trademan, will head it. Currently, Trademan heads the BRD mobile cryptocurrency wallet development company, in which SBI Holdings invested $ 15 million in January of this year.

Recall that its plans to launch a broad offensive against the cryptocurrency industry were announced by SBI Holdings in October 2017. Since then, the corporation has made numerous investments in various projects, and also intends to promote the mass adoption and practical use of the RR Xle XRP token.